SPRINGFIELD, Ill. – Speaker Michael J. Madigan issued the following statement Wednesday after Standard & Poor’s reacted positively to passage of a bipartisan balanced budget:

“S&P’s action today is a strong signal that the balanced budget enacted by Republicans and Democrats is an important step in the right direction. At the end of June, I wrote to the rating agencies and asked that they temporarily withhold judgment and give legislators more time to enact a budget, and I’m grateful for the legislators on both sides of the aisle who used this time to work together and make the difficult decisions needed to start getting Illinois back on track.

“There is more work to be done, and it’s clear from S&P’s statement that rating agencies, like all Illinois residents, are hoping Governor Rauner will work in good faith with legislators to address these challenges rather than rejecting compromise by turning further to the extreme right.”